Ripple Surpasses Solana And Tether To Become Third Largest Crypto Asset

Ripple (XRP) recently saw its market capitalization reach a record high of over $140 billion, surpassing both Tether (USDT) and Solana (SOL) to become the third-largest cryptocurrency by market value, according to CoinGecko.

Retouching Its Peak

XRP now holds the position of the third-largest crypto asset by market cap. In the past month, its value has surged nearly 400%, outperforming many major cryptocurrencies. This achievement brings XRP closer to its pre-SEC lawsuit peak. After the SEC filed a lawsuit in December 2020, XRP plummeted $0.17, resulting in a loss of approximately $15 billion. It took nearly four years for XRP to regain its place among the top 7 crypto assets, and it is now on an upward trajectory.

Currently, XRP is just 27% below its all-time high of $3.4 which it reached in January 2018. It is now only behind Bitcoin (BTC) and Ethereum (ETH) in the crypto rankings. Bitcoin remains in the lead with a market cap nearing $2 trillion, while Ethereum holds second place with a $448 billion valuation.

The Trump Card

The recent rise of XRP began after Donald Trump became United States President once again, with his pro-crypto stance boosting market sentiment. However, the rise is more likely tied to SEC Chair Gary Gensler being forced to resign. The token surpassed $1 for the first time since November 2021 after Gensler hinted at stepping down, and then surged 25% to $1.4 when he officially resigned.

Market analysts see Gensler leaving as a potential turning point for Ripple, with many speculating that the ongoing SEC cases against crypto firms could either be dismissed or settled. The price growth is also supported by positive developments such as new stablecoin initiatives, business expansion, and increasing institutional interest by Ripple.

Elsewhere, asset management firms like Bitwise and Canary Capital are also seeking SEC approval for XRP ETFs, while Ripple is working to obtain approval by the New York Department of Financial Services to launch its RLUSD stablecoin.